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TECHNICAL ANALYSIS
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Bitcoin (BTC) Price Corrects 10% Since All-Time High – Dips Under $100,000
Is Bitcoin's Bullish Trend Over? | Credit: Derek Fenech
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KEY TAKEAWAYS
Bitcoin (BTC) has fallen over 10% since its all-time high.
The Bitcoin price is creating a bearish weekly candlestick.
Is this the end of the bullish cycle or just a short-term drop?
Bitcoin’s price has fallen since its all-time high of $108,353 on Dec. 17. The price fell by 8% from Dec. 18 to 10, culminating in a low of $95,700.
The Bitcoin correction may have been aided by record daily outflows of $680 million from Bitcoin Exchange-Traded Funds.
Interestingly, previous outflows were led by Grayscale, but this time around, eight different ETFs sold.
Is this the end of Bitcoin’s bull run, or just a short-term retracement on the road to higher highs? Let’s find out.
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Bitcoin Price Dips
The BTC price has increased by 120% since Aug. 5, culminating in a new all-time high of $108,100 on Dec. 16.
The upward movement accelerated once the price broke out from a long-term descending parallel channel in November.
The channel existed for 217 days, while the upward movement lasted for 63 days.
When measuring the entire drop since the all-time high, Bitcoin’s high was at the 1.61 external Fibonacci retracement level. This is a likely area for a top.
Additionally, technical indicators show some weakness. The Relative Strength Index (RSI) has generated bearish divergence in oversold territory.
